Best Life Insurance In Virginia

When it comes to protecting your loved ones and securing their financial future, life insurance is an essential investment. However, with so many options available, it can be overwhelming to choose the right policy and provider. If you’re a resident of Virginia, you’re in luck! In this blog post, we’ll be discussing the best life insurance companies in Virginia that offer reliable coverage, competitive rates, and excellent customer service. Whether you’re looking for term life insurance, whole life insurance, or universal life insurance, we’ve got you covered. So, let’s dive in and explore your options!

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Virginia Life Insurance 101

Let’s start with the basics.

What Is Life Insurance?

Life insurance is a contract between an individual and an insurance company, where the individual pays regular premiums in exchange for a payout to their beneficiaries upon their death.Life insurance aims to provide financial protection and support to the insured’s loved ones after their passing. It can help cover funeral costs, pay off debts, and provide a source of income for the insured’s dependents.

Different Types of Life Insurance Policies

There are primarily two types of life insurance policies: term life insurance and permanent life insurance.
  1. Term Life Insurance: This policy covers the insured for a specific period or term. If the insured passes away during this term, their beneficiaries receive the death benefit. If the insured outlives the term, no benefit is paid out.
  2. Permanent Life Insurance: Unlike term insurance, permanent life insurance provides lifelong coverage. It also has a cash value component that can grow over time. There are several types of permanent life insurance, including whole life, universal life, and variable life insurance.

How Life Insurance Works

When you purchase a life insurance policy, you agree to pay a certain amount, known as a premium, to the insurance company. This premium can be paid monthly, quarterly, or annually. In return, the insurance company promises to pay a death benefit to your chosen beneficiaries upon your death. The death benefit amount and the premium you pay are determined by several factors, including age, health, lifestyle, and the type of policy you choose. For example, a term life insurance policy for a healthy 30-year-old will typically have lower premiums than a permanent one for the same individual. In the case of permanent life insurance, part of your premium goes towards the death benefit, while another part goes into a cash value component. This cash value can grow over time and be borrowed against or withdrawn during your lifetime under certain conditions.

Leading Causes of Death in Virginia

Condition Deaths in 2021
Heart Diseases 22,444
Cancer 16,172
External Causes 7,401
Nervous System Diseases 6,607
Lung Diseases 6,044

Life Insurance Laws In Virginia

Virginia’s life insurance laws are governed by Title 38.2 of the Virginia Code.

  • 10-day free look period (VA Code Ann. 38.2-3300)
  • 31-day grace period (VA 38.2-3303)
  • Interest accrues on claims beginning from the date of death (VA 38.2-3315)
  • Guarantees up to $300,000 for lost death benefits and $100,000 for lost cash surrender value or withdrawal (source)

Keep in mind that life insurance laws are very similar from state to state (for example, Washington’s life insurance laws and West Virginia’s life insurance laws are nearly identical to those of Virginia).

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So why would you leave your family with a $10,000 final expense bill?

Top Life Insurance Companies In Virginia

The following table provides information on the top 50 life insurance companies in Virginia based on their 2022 premiums and market share. The rankings are based solely on the premiums generated by these companies within the state of Virginia.

Ranking first is Minnesota Mutual Group, with a total of $417,569,780 in premiums collected in 2022. This company holds a significant market share of 8.4%, indicating its dominance in the industry within the state of Virginia.

Following closely behind is New York Life Group, ranking second with $352,224,902 in premiums collected. This company holds a market share of 7.1%, positioning it as a major player in Virginia’s life insurance market.

The Northwestern Mutual Group secures the third position on the list, collecting $345,937,309 in premiums in 2022. Its market share accounts for 6.9% of the Virginia insurance industry.

Ranking fourth is Mass Mutual Life Insurance Group, which closely follows Northwestern Mutual with $345,524,473 in premiums. This company holds an equal market share of 6.9%, showcasing its significant presence in Virginia.

Metropolitan Group secures the fifth position with a premium amount of $257,174,830 and a market share of 5.2%. While not as dominant as the top four companies, Metropolitan Group still maintains a substantial share of the Virginian life insurance market.

Coming in at sixth place is Prudential Of America Group with $217,144,551 in premiums collected, representing a 4.4% market share. Lincoln National Group follows closely behind, ranking seventh with $208,423,771 in premiums and a 4.2% market share.

Taking the eighth and ninth positions respectively are State Farm Group and Aegon US Holding Group with premium amounts of $137,298,152 and $135,315,568. They hold market shares of 2.8% and 2.7% respectively.

Nationwide Corporation Group secures the tenth position on the list, gathering $117,562,712 in premiums and representing a 2.4% market share. The remaining 40 companies in the table also hold various market shares below 2% and contribute to the diverse landscape of life insurance providers in Virginia.

This table provides insight into the competitive environment of life insurance providers in Virginia. Companies like Minnesota Mutual Group, New York Life Group, and Northwestern Mutual Group dominate most of the market share,

Rank Company 2022 Virginia Premiums Virginia Market Share %
1Minnesota Mutual Group$417,569,7808.4%
2New York Life Group$352,224,9027.1%
3Northwestern Mutual Group$345,937,3096.9%
4Mass Mutual Life Insurance Group$345,524,4736.9%
5Metropolitan Group$257,174,8305.2%
6Prudential Of America Group$217,144,5514.4%
7Lincoln National Group$208,423,7714.2%
8State Farm Group$137,298,1522.8%
9Aegon US Holding Group$135,315,5682.7%
10Nationwide Corporation Group$117,562,7122.4%
11John Hancock Group$100,834,3592.0%
12American International Group$96,973,7022.0%
13National Life Group$96,292,3461.9%
14Mutual Of Omaha Group$88,119,9371.8%
15United Services Automobile Association Group$86,920,5651.7%
16Sammons Enterprises Group$85,660,3871.7%
17Guardian Life Group$83,711,0931.7%
18Hartford Fire Cas Group$78,327,6981.6%
19Globe Life Group$74,485,0091.5%
20Pacific Life Group$70,934,8521.4%
21Dai‐Ichi Life Holdings Group$65,590,2741.3%
22Equitable Holdings Group$58,973,5901.2%
23Primerica Group$57,304,2751.2%
24Genworth Financial Group$56,791,6691.1%
25Zurich Insurance Group$54,696,0611.1%
26Principal Financial Group$51,583,1721.0%
27Unum Group$51,018,8191.0%
28Brighthouse Holdings Group$49,211,8971.0%
29Cuna Mutual Group$45,402,7440.9%
30Southern Farm Bureau Life Insurance Company$44,166,4490.9%
31West Southern Group$42,476,9090.9%
32Penn Mutual Group$40,767,5760.8%
33Voya Financial Group$39,930,3950.8%
34Banner Life Group$35,386,0310.7%
35Ameriprise Financial Group$33,317,0790.7%
36Meiji Yasuda Life Insurance Group$32,982,3510.7%
37Homesteaders Life Company$30,348,3330.6%
38Kuvare Group$29,223,0660.6%
39Oneamerica Financial Partners Group$28,774,0490.6%
40CNO Financial Group$28,605,0760.6%
41Knights Of Columbus$28,320,7360.6%
42Allianz Insurance Group$27,561,9380.6%
43National Guardian Life Insurance Group$26,747,3280.5%
44Anthem Group$24,181,5000.5%
45Everlake Holdings Group$22,972,2790.5%
46Erie Insurance Group$22,027,3740.4%
47Ohio National Life Group$21,516,1290.4%
48Ameritas Mutual Holding Group$21,386,2750.4%
49Lincoln Heritage Life Insurance Company$20,673,3070.4%
50Hopmeadow Holdings Group$20,381,4370.4%